Australia Software Company Nitro said on Tuesday its board had determined the near A$500 million ($335 million) offer from KKR Inc’s Alludo to be “superior” to an earlier bid from major shareholder Potentia Capital Management.

In late October, the company took on an offer from Alludo at A$2.00 per share, which it said was an 11% premium to tech-focused private equity firm Potentia’s offer of A$1.80 per share

Nitro in a statement said it has asked its shareholders to back the North-America based Alludo scheme and accept it, on the condition that no new superior offer prevails.

The company expects to hold a shareholders meet related to the Alludo offer in March 2023.

Potentia could not be immediately reached for a comment.